Oil prices rise on concerns over supply disruptions

Surging US production, which hit 10.59 million bpd last week, has encouraged record-high US exports. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.63% at $67.98 a barrel.

United States now exports more crude oil than Africa's top oil producer, Nigeria, after excessively reducing its imports of crude oil from Nigeria a few years ago.

In addition to fundamentals, there has been a shift in geopolitical sentiment after France's president Emmanuel Macron yesterday called for a new Iran deal to avoid the imposition of US sanctions against Tehran that the latter warned will lead to serious consequences, without going into detail.

The Dow Jones Industrial Average lost 424 points, or 1.74 percent, while the S&P 500 lost 1.34 percent and the Nasdaq dropped 1.68 percent. Within 30 minutes of opening, the Dow was down 186.52, the S&P declined 18.80 and NASDAQ was 51.11 lower.

"But not only is there the possibility of sanctions on Iran, there's also the possibility of Venezuelan and Russian sanctions". A slight suggestion that President Trump might accept a revised deal between the six Western powers who signed the original nuclear deal with Iran on Tuesday did halt the price rise, but it was temporary.

Figures from Organisation of the Petroleum Exporting Countries (OPEC) show Iran produces 3.8 million barrels of oil per day, deeming it the third largest producer of the 14 member organisation after Saudi Arabia and Iraq. That's an increase of more than a quarter since mid-2016.

Dutch bank ING said "the wide discount for WTI to Brent saw exports rising 582,000 bpd week-on-week to a record high of 2.33 million bpd". On an adjusted basis, the after-tax net loss was $72 million.

OPEC and its partners made a decision to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

Additionally, traders expect a report on Friday by energy services firm Baker Hughes to show that US producers increased the rig count.

Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up 1.3 percent from the same period a year ago.

Ford to Stop Producing Cars Here by 2020, Except for…
The lion's share of the automaker's quarterly profit was driven by high-margin pickup trucks and SUVs in North America. What about Brazil? Too early to tell, Ford folks say, but they also whisper nothing is off the table.

Senate fires warning shot at Trump over Mueller
However, Senate Majority Leader Mitch McConnell is still refusing to bring any such measure to a vote in the full Senate. The bill would ensure that the special counsel's staff and investigative materials would be preserved in the interim.

Amazon now delivers to your auto
To use Amazon Key In-Car , you must download the Amazon Key app and link it to your compatible car. They can keep track of their packages in real-time and receive updates throughout the transaction.

Boston Celtics: 5 Takeaways Celebrating the Boston Three Party
Imagine this happening in a close game, or with less time on the clock, or in a Game 7, or the NBA Finals ... yeah, NBA, fix this. Stevens made several coaching decisions Tuesday night that reminded fans just how valuable he is to the Celtics' success.

Rain will take a break into Thursday
With a few passing clouds tonight light sprinkles are possible as overnight lows drop back into the low to mid 40s by morning. The rain will subside by Thursday and will again warm to the mid 60s for another sunny day near the end of the week.

USA stocks tumble, erasing an early gain; bond yields climb
Investors have also been selling Treasurys this month in fear of rising inflation, pushing the yield on the 10-year U.S. The stock market had already been spooked by a climb in bond yields earlier in the year, sliding sharply in February.

Superior Refinery Fire Extinguished
Firefighters are not able to attack the active fire because it's burning too hot, Superior Fire Battalion Chief Scott Gordon said. Local officials say the evacuations are a precaution as a plume of noxious black smoke drifts southward from the plant.